What not to do as a seller in a slow market

When markets are slow, sellers can still achieve successful sales by pricing realistically, presenting their homes well and remaining flexible throughout the selling process.

The property market naturally moves through cycles, shifting between conditions that favour sellers and those that benefit buyers. As a ripple effect of the recent interest rate hike, market activity is expected to slow down, but that shouldn’t discourage sellers from putting their properties on the market. With the right approach and realistic expectations, properties can still sell successfully.

According to Adrian Goslett, CEO and regional director of REMAX Southern Africa, one of the biggest mistakes sellers make in a slow market is pricing their property above its true market value.

Overpricing your home

“Every homeowner has an emotional connection to their properties, that often influences their perception of its value but buyers make decisions based on market conditions, comparable sales and affordability.”

“Overpricing your home can reduce interest from the outset, especially as many buyers set price limit filters when searching for properties online. If your asking price exceeds those limits, your property may never appear in their search results,” he explains.

Maintenance and presentation

Goslett further explains the importance of maintenance and presentation, as buyers often look for homes that are ready to move into, particularly when they are already managing higher borrowing costs.

“Small maintenance issues, neglected gardens or poor first impressions can discourage buyers before they have even stepped through the front door. Investing some time in repairs, decluttering and improving your property’s curb appeal can make a significant difference to how buyers perceive its value.”

Flexibility

In slower markets, flexibility is another key ingredient for a successful sale as buyers generally have more choice and greater negotiating power, making it important for sellers to remain open to reasonable offers.

Finding an agent

Goslett also advises sellers not to choose an estate agent based on the lowest commission alone. Instead, they should focus on finding an agent who offers the best service and has the experience to achieve the best possible result.

“During cooler market cycles, it’s even more important to work with a well-connected and experienced agent, even if they charge a higher commission rate,” he says. He adds that an experienced real estate professional can help sellers navigate changing market conditions with confidence.

“A qualified real estate professional will provide accurate pricing guidance, implement an effective marketing strategy and offer valuable advice throughout the selling process. In any market, realistic expectations combined with professional expertise give sellers the best opportunity to achieve a successful outcome,” concludes Goslett.

Issued by Kesia Cloete